Press release
Power Electronics Global Market Analysis, Trends, Growth, Research And Forecast 2033
Power Electronics Global Market
The power electronics market size is expected to see strong growth in the next few years. It will grow to $61.22 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to customized power electronic solutions for specific applications, integration of power electronics in smart grid systems, sustainable and energy-efficient power electronics, growth in electric aircraft and evtols, expansion of 5g networks and power-efficient devices.. Major trends in the forecast period include gan and sic power semiconductor materials, regulatory compliance in power electronics safety, power electronics for energy storage and microgrids, high-frequency and miniaturized power converters, iot integration in power electronics for smart devices..
Market Overview -
Power electronics are electronic circuit devices that transfer power from a source to a load efficiently and robustly using diodes, transistors, and thyristors. It converts electrical power from one form to another to deliver power.
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Rapid Development Of Electric Vehicles
The rapid development of electric vehicles is significantly contributing to the growth of the power electronics market. Electric vehicles are vehicles that are partially or fully powered by electric power. Power electronics are used in numerous components of electric vehicles to handle electrical energy flow and also play a key role in energy management. For instance, according to International Energy Agency (IEA), a France-based independent intergovernmental agency, in 2022, there are 26 million electric cars on the road worldwide, up 60% relative to 2021. Therefore, the rapid development of electric vehicles is expected to propel the growth of the power electronics market going forward.
Competitive Landscape -
Major companies operating in the power electronics market include ABB Ltd., Fuji Electric Co. Ltd., Infineon Technologies AG, Microsemi Corporation, Mitsubishi Electric Corporation, Renesas Electronics Corporation, STMicroelectronics, Texas Instruments incorporated, Toshiba Corporations, Vishay Intertechnology, NXP Semiconductors, GaN Systems Inc., Littelfuse Inc., Maxim Integrated, ROHM Co. Ltd., Transphorm Inc., ON Semiconductor Corporation, Microchip Technology Inc., UnitedSiC Inc., Wolfspeed Inc., IXYS Corporation, Power Integrations Inc., Cree Inc., Diodes Incorporated, Semtech Corporation, Analog Devices Inc., Fairchild Semiconductor International Inc., International Rectifier Corporation, Linear Technology Corporation, Monolithic Power Systems Inc., Silicon Laboratories Inc., Sanken Electric Co. Ltd., TDK Corporation, Vicor Corporation, Yaskawa Electric Corporation, Murata Manufacturing Co. Ltd., Panasonic Corporation
Technological Advancements In Power Electronics
Technological advancements are a key trend gaining popularity in the power electronics market. Technological advancement is a discovery of knowledge that advances technology. Major companies operating in the power electronics sector are focused on developing advanced technologies to meet consumer demand. For instance, in June 2021, STMicroelectronics, a Switzerland-based electronics and semiconductors manufacturer, launched STi2GaN, a smart power electronic in its ST Intelligent and Integrated Gallium Nitride (GaN) solutions family. The STi2GaN employs bond-wire-free packaging technology, a smart power technology that provides great reliability, durability, and performance. The STi2GaN takes advantage of Integrated Gallium Nitride (GaN) high power density to provide a variety of efficient devices to the automobile industry.
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Key Segments -
The power electronics market covered in this report is segmented -
1) By Product: Discrete, Module
2) By Material: Silicon, Silicon Carbide, Gallium Nitride
3) By Voltage: Low Voltage, Medium Voltage, High Voltage
4) By Application: Power Management, UPS, Renewable, Other Applications
5) By End User Industry: Automotive, Consumer Electronics, IT and Telecommunication, Military And Aerospace, Industrial, Energy And Power, Other End Use Industries
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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